Insurance Decisions and Freeze and cease trade orders
Montréal – Further to the notice issued on November 12, 2004, the Autorité des marchés financiers (“AMF”) has received observations from Assumption Mutual Life Insurance Company (“Assumption”) and decided to issue an order for it to cease accepting insurance proposals for personal automobile credit insurance products distributed through automobile dealers that are not registered with the AMF or not authorized to act as distributors under An Act respecting the distribution of financial products and services.
According to the AMF, automobile dealers are acting illegally with respect to insurance product offerings even though the insurance proposal is subsequently confirmed by a representative.
Assumption must cease accepting such insurance proposals and do so expeditiously and no later than March 1, 2005.
Part of the mission of the AMF is to ensure that financial institutions and other members of the financial sector comply with legal obligations intended to protect the interests of consumers of financial products and services.
To read the press releases issued to date on this matter, please visit the AMF website, under Media Centre/Press Releases.
Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.
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For More Information:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Consumers and investors: (877) 525-0337, dial 9 for English, then dial 2 for consumers